v3.19.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash Flows from Operating Activities    
Net loss $ (5,819,081) $ (3,528,227)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 67,186 44,075
Stock-based compensation 2,060,304 371,893
Change in fair value of contingent consideration 114,290 11,118
Unrealized gain on investments (5,588)
Increase (decrease) in cash arising from changes in assets and liabilities:    
Accounts receivable (50,684) 9,422
Prepaid expenses and other current assets 142,812 305,097
Deferred financing costs (10,173)
Accounts payable 643,876 667,605
Deferred revenue (691,912) (752,527)
Deferred tax liability 45,178 (205,000)
Accrued expenses and other liabilities (729,443) (717,770)
Other long-term liabilities 47,341 383
Net Cash Used in Operating Activities (4,175,721) (3,804,104)
Cash Flows from Investing Activities    
Purchase of property and equipment (45,459) (419,141)
Purchase of short-term investments, net (35,923)
Net Cash Used in Investing Activities (81,382) (419,141)
Cash Flows from Financing Activities    
Proceeds from the issuance of common stock, net of commissions 3,573,380
Stock issuance costs (173,526)
Net Cash Provided by Financing Activities 3,399,854
Effect of exchange rate changes on cash, cash equivalents and restricted cash (327) 21,674
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (4,257,430) (801,717)
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 22,154,251 9,765,359
Cash, Cash Equivalents and Restricted Cash - End of Period $ 17,896,821 $ 8,963,642

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